Bitcoin crashed between 5% and 10% – a potential reason

The wider Bitcoin and crypto market recorded similar declines with most of the major digital assets losing between 5% and 10% – this wiped out by more than $10 billion from the total crypto market value.

The important online publication was writing the other day that the exact cause for the sell-off was not clear immediately – anyway, the crypto market did seem freak out by old BTC tokens that are with about $500k that moved for the first time in years.

“While it is unclear if it was [bitcoin’s mysterious creator] Satoshi Nakamoto, it is likely to be a very early-stage adopter of the crypto-asset, and the timing of the rumours themselves appear to be the source of yesterday’s flash crash,” eToro market analyst Adam Vettese said in a note to this clients.

New Bitcoin warning

Forbes also brought up Mati Greenspan, who warned that BTC could fall further.

“We’re now sitting at the top of a long-standing wide range, the bottom of which could easily be $6,000 or even $4,000 per bitcoin,” Greenspan wrote.

He continued and said that the believes that there’s “a fair chance” of the market turning around and “blasting through $10,000” per BTC.